Silver Price Today: Silver Falls Again, Check September 29 Rates in Delhi, Mumbai and Other Cities

Silver prices remained under pressure on September 29, 2026, with futures falling sharply during trading while international silver also moved lower. The decline comes after weakness in the previous session, putting precious metals in focus for both buyers and investors.

According to the supplied market update, silver futures on the Multi Commodity Exchange (MCX) were trading at ₹2,24,855 per kg, down ₹2,597 at the time the report was prepared. Silver had closed at ₹2,27,442 per kg in the previous trading session.

Meanwhile, the bullion reference quoted in the source placed silver at ₹2,26,240 per kg. Another retail-price reference cited in the report showed silver at around ₹2,40,000 per kg in most major Indian cities.

These figures represent different market references and should not be treated as directly interchangeable.

Silver Futures Fall on MCX

Silver futures witnessed another weak session on September 29.

At the time cited in the source, the MCX silver futures price stood at ₹2,24,855 per kg, showing a decline of ₹2,597.

The previous trading session's closing level was reported at ₹2,27,442 per kg.

The decline indicates continued pressure on silver after the sharp movement witnessed in the previous session.

However, futures-market prices can fluctuate throughout the trading day. The rate available when a buyer checks later may therefore differ from the figure quoted above.

Silver Price in the International Market

Precious metals also came under pressure internationally.

According to the COMEX data quoted in the source, silver was down approximately 1.13% at $61.020 per ounce at the time of reporting.

Gold was also marginally lower, declining around 0.05% to $4,166.40 per ounce.

Another international silver reference cited in the supplied report put the metal at around $61.13 per ounce.

The small difference between the figures reflects the different market references and timing mentioned in the source.

Silver Price Today in Major Indian Cities

Retail silver rates cited in the report were around ₹2.40 lakh per kg across most of the major cities covered.

Here are the supplied September 29 prices:

Among the cities listed, silver is quoted at ₹2,40,000 per kg in most locations, including Delhi, Mumbai, Kolkata, Jaipur, Bengaluru, Hyderabad, Patna and Noida.

Chennai is an exception, with the supplied retail rate standing at ₹2,44,800 per kg, which is ₹4,800 higher than the ₹2.40 lakh rate listed for most other cities.

Why Is the Retail Rate Different From MCX?

Consumers may notice a substantial difference between the MCX futures price and the city-wise silver rates quoted for retail markets.

This is because the figures do not necessarily represent the same type of transaction.

MCX figures relate to exchange-traded futures contracts, while retail or physical-market references can involve different pricing conditions. Location, taxes, dealer charges and local demand can also affect the price ultimately quoted to a physical buyer.

Therefore, a consumer planning to purchase physical silver should check the current rate with the seller rather than assuming that the MCX futures quote will be the final amount charged.

Why Are Silver and Gold Under Pressure?

The supplied report links recent weakness in precious metals to a combination of global factors, including higher crude oil prices, a stronger US dollar and elevated Treasury yields.

Rising oil prices can add to inflation concerns. At the same time, movements in bond yields and expectations surrounding interest rates can affect investor demand for precious metals.

The report also says that the US Federal Reserve increased its benchmark rate by 0.25 percentage point earlier this month and indicated the possibility of at least one additional increase in the coming months.

These developments were cited in the source as part of the backdrop influencing precious-metal prices.

What Happened to Silver in the Previous Session?

Silver had already recorded a significant decline in the previous session.

According to the supplied report, silver in Delhi's bullion market fell by ₹5,000 to ₹2.32 lakh per kg, including taxes, on Monday. It had closed at ₹2.37 lakh per kg on Friday.

Internationally, spot silver was reported to have fallen by $2.96, or 4.6%, to $61.34 per ounce during the previous session.

The September 29 decline therefore represents continued weakness after an already sharp fall.

Does Falling Silver Mean It Is the Right Time to Buy?

A lower price may attract people who were already planning to purchase silver, but a two-day decline does not establish that the metal has reached its lowest level.

Silver can be volatile because its price is affected by both investment demand and industrial usage.

International precious-metal prices, the US dollar, interest-rate expectations, bond yields and broader economic conditions can influence its movement.

For Indian buyers, the rupee-dollar exchange rate, import-related costs, taxes and local demand can also affect domestic prices.

This means a decline in international silver prices may not always result in an identical percentage fall in Indian retail rates.

Industrial Demand Is Also Important for Silver

Unlike gold, silver has substantial industrial applications in addition to its use in jewellery, investment products and decorative items.

As a result, changes in industrial demand can also affect the metal's price.

The supplied report cites weaker industrial demand as one of the factors associated with the recent decline in silver.

Investors should therefore consider that silver can respond to a somewhat different mix of factors compared with gold.

September 29 Silver Price: Key Takeaway

Silver remained under pressure on September 29, 2026.

At the time cited in the report, MCX silver futures were down ₹2,597 at ₹2,24,855 per kg, compared with the previous session's close of ₹2,27,442.

A bullion reference quoted silver at ₹2,26,240 per kg, while the city-wise retail reference placed the metal at ₹2,40,000 per kg across most major cities. Chennai was higher at ₹2,44,800 per kg.

Internationally, COMEX silver was reported around $61.020 per ounce, down approximately 1.13%.

Consumers planning to buy physical silver should check the latest local quote before purchasing, while investors should remember that futures and international prices can change rapidly during market hours.

Disclaimer: Precious-metal prices are volatile and may change during the day. MCX futures, bullion-market rates and retail physical-silver prices are different market references. This article is for general information only and should not be considered personalised investment advice.